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WTSLA > SEC Filings for WTSLA > Form 8-K on 7-Nov-2012All Recent SEC Filings

Show all filings for WET SEAL INC

Form 8-K for WET SEAL INC


7-Nov-2012

Other Events, Financial Statements and Exhibits


ITEM 8.01. OTHER EVENTS.

On November 5, 2012, The Wet Seal, Inc. (the "Company") entered into a release (the "General Release") with Ms. Susan P. McGalla, the Company's former Chief Executive Officer. Pursuant to the General Release, Ms. McGalla has agreed her last day of employment with the Company was July 23, 2012 and the Company has agreed to pay Ms. McGalla the consideration set forth in the Employment Agreement, dated as of January 11, 2011 (the "Employment Agreement"), by and between the Company and Ms. McGalla, less applicable withholding taxes. In accordance with the terms of the Employment Agreement, the Company has agreed to pay Ms. McGalla a cash benefit of approximately $1.6 million. Of this amount, approximately $819,000 will be paid on February 1, 2013 and approximately $136,000 will be paid in six installments on the first business day of the months of March 2013 through August 2013. The General Release and the terms of the Employment Agreement also provide for the vesting of 250,000 shares of restricted stock and options to purchase 360,000 shares of common stock of the Company on the first business day after the General Release becomes irrevocable. Ms. McGalla will have until January 23, 2013 to exercise the vested options, which have an exercise price of $3.72 per share. The Company also has agreed to make an additional cash payment of $100,000, less applicable withholding taxes, to Ms. McGalla on the first payroll date after the date the General Release becomes irrevocable. Pursuant to the General Release, Ms. McGalla has waived all of her rights and claims under certain federal, state and local statutory and regulatory laws and has fully released and discharged the Company and its affiliates, officers, directors, and employees from any and all claims relating to Ms. McGalla's employment with the Company or the termination of her employment.

The above summary is qualified in its entirety by reference to the full text of the General Release, a copy of which is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.



ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

Exhibit No. Description

99.1 General Release, dated November 5, 2012.


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